Empire Oil & Gas NL
(ASX:EGO) says it has recorded a 253 per cent increase in pre-tax profit to $1.7 million.
The jump in profit comes as higher production offset lower prices. Revenue of $10.5 million was up by 12.6 per cent while plant operating costs were reduced by 14 per cent.
The company said success in the Red Gully North-1 drilling programme generated positive cash flow of $1 million for the half.
The balance sheet shows $6.8 million in cash and there was no impairment of oil and gas properties during the period.
